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ECN 204 (281)
Chapter 4

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ECN 204
Christos Shiamptanis

ECN Chapter 4 - Substitutes: if an increase in the price of one causes an increase in demand for the other. Ex: - If the y axis changes, quantity demand changes but demand curve does not shift it’s a movement along. - When demand goes up the demand curve shifts right - When demand goes down the demand curve shifts left - Expectations affect consumers buying decisions - Tastes: Anything that causes a shift in tastes toward a good will increase demand for that good and shift its D curve to the right. - Quantity supplied: of any good is the amount that sellers are willing and able to sell. - Law of Supply: The claim that the quantity supplied of a good rises when the price of good rises, other things equa
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